What It’s Worth

What It’s Worth

Mobile Banking - Making Life Easier

Author: Michelle Parish
Published Date: 8/24/2017

Mobile devices have become an important part of people’s lives and the way they connect with the world — especially as consumers.  The ability to use your mobile phone to pay anyone, anywhere, anytime, has helped to fuel the mobile banking market. 

According to a recent Federal Reserve Board report, nearly half of adults with bank accounts and mobile phones use mobile banking.  Not surprising, 82 percent of mobile banking users have installed their bank’s mobile app on their phones.  PlainsCapital Bank experienced a significant growth in mobile banking usage in the first half of 2017 alone, reporting a nearly 20 percent increase year-to-date (YTD).  Additionally, the number of new mobile banking users has increased by more than 25 percent YTD.

“The considerable increase in mobile banking usage that we’re seeing certainly supports the broader national trend,” said Sam Roark, PlainsCapital Bank vice president and delivery channels manager.

Roark added that while the mobile banking platform is growing significantly in usage, a large percentage of PlainsCapital customers utilize a mix of mobile, online, and offline banking transactions.

“For customers who engage in mobile banking, it typically complements their use of our other services, including web-based, ATM, and on-site at our branch locations,” said Roark.  “It’s important that our banking services be readily accessible to customers to accommodate their needs.”

The Federal Reserve report also showed that the most common mobile banking activities revolved around checking balances and facilitating transactions like transferring money between accounts, depositing checks, and making mobile payments.  According to the study, mobile payments comprised 50 percent of the activities among mobile banking users, from paying bills to making a purchase or sending someone money.

Most full-service banks offer mobile payment solutions to customers.  In addition to mobile and online bill pay, popular mobile payment tools offered by PlainsCapital Bank, for example, include Apple Pay™— a mobile wallet system — and People Pay  — a peer-to-peer (P2P) money transfer system.

Mobile or digital wallets are simply apps that let your mobile smartphone function as a credit or debit card, allowing payment information to be stored securely on your phone and payments made only when you open the app.  With Apple Pay, bank customers have access to a variety of benefits including a quick, cardless, point-of-sale payment process and enhanced security, as Apple Pay uses “tokens” instead of your card number.

While services like Apple Pay make it easy for individuals to pay companies or commercial entities, P2P money transfer systems like People Pay make it easy for people to pay each other.  Well-suited for things like shared expenses, splitting a bill, collecting funds, paying for services, or transferring money to someone, P2P is an instant, easy, secure way to send or receive money electronically.  All you need is the recipient’s email address or cell phone number; no exchange of personal banking information is required.  Unlike Apple Pay, which is a third-party, standalone application, P2P is a free service provided by your bank that is directly integrated into your online banking account or mobile banking app. 

“Apple Pay and People Pay (P2P) are just two services among the roster of innovative mobile and digital products available to our customers,” said Roark.  “Both are convenient, reliable ways of helping our online and mobile customers better manage their finances.”

To learn more about PlainsCapital Bank’s online and mobile banking services, visit the PlainsCapital Bank website.

*Apple Pay is a registered trademark of Apple, Inc.

Tags: Mobile Banking